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resolution that the senate democrats have put ut in about four years. it would raise more tax revenue, selectively curb spending, and reduce deficits enough to stabilize the debt but not balance the budge net ten years' time. now here's what the house republicans promise. >> our budget will provide economic security for families. it will guarantee a secure retirement for seniors. it will expand opportunity for the young. >> paul ryan's latest edition of his path to prosperity budget isn't too different from previous versions. he plans to maintain revenue lefls, curing spending. the president is way behind on his february 4th deadline to put forward a proposal and he doesn't have much time left. >> my goal is not to chase a balanced budget just for the sake of balance. my goal is how do we grow the economy, put people back to work. >> america doesn't really have a budget right now. it has a continuing resolution, which is an extension of an earlier budget. that continuing resolution expires on march 27th. if congress goes beyond that without at least a patch, the government could shut
plans to drastically curb spending, reform the tax code what increasing revenue and actually reform the budget in ten years, and the president is way behind his february 4th deadline to put forth a proposal and he doesn't have much time left. >> my goal is not to achieve a balanced budget just for the sake of balance. my goal is how do we grow the economy, but america back to work? >> america doesn't really have a budget right now, it has a continual resolution, which is an extension of an earlier budget. that expires on march 27th. if government goes beyond that without a patch, they could shut down. we're supposed to have an actual budget resolution voted on and in place by april 15th, but we're way behind on that. on may 18th, we're set to hit the debt ceiling. some say that could be the showdown. i want to bring in nancy, with the "new york times." andy, let's start with you. both sides put budgets out. everybody knows that neither of these budgets are going anywhere. what happens next? >> so, essentially, we're going to go through the same sort of continuing resolution process
. future number two is, you don't change the spending which means you have to raise taxes to avoid a big debt crisis. then you have to raise the top marginal tax rate to 92% in order to close the gap. there is no way you're going to get a business to invest with a 92% tax rate. high taxes are disaster. i mean look, melissa, open a business in a world with high taxes or disaster, which would you pick? that's where we are. melissa: i hear you. what were the some of the things you heard from other people on the panel that were persuasive? when you looked out in the audience, were people listening? were they writing things down or empty chamber no one is really paying attention? >> well, here's the good news. the panel consisted of republicans, democrats, academics and former senator judd gregg and there isn't one person on the panel who did not say we have a problem and that problem is urgent. it should be dealt with now. we might disagree to the degree spending is the top issue and taxes can deal with it but no one is there saying hey, do nothing. that's what makes me most nervous about th
buffet, a fan of higher taxes on upper income, and government doing more and spending more when he had his druthers he hose to commit whatever money he has, before it goes to you and to you and the foundation and not to u.s. government. >> tells you we have 3 sectors, private sector that biggest. and it phenomenal, anything it could do in terms of the diseases of the rich, the needs of people who can pay it is fantastic, then you have some things like education, justice, where government comes, and helping poor country, philanthropy is only a few percent as big as other sector but they are more willing to take out more far outsidence and new delivery programs there is a commentary rule we're taking your scientists and our expertise, and talks about government programs about what we know and where we have a common view, i'm the biggest fan of philanthropy, because it is almost like the venture capital of societal spending, sometimes you take on things like trying to get teacher to have more feedback and raise average quality, those programs might or might not succeed, this is not the ty
corporate tax reform. even pushing democrats on entitlement reform or so he says. now i know, i know, my favorite president reagan trust by verify, but i think there's some optimism out there and i'm going to do my best now to persuade my pal, conservative superstar ann coulter. she's the author on set for the full hour. jimmy williams. and michelle caruso-cabrera. ann coulter, i know you think i'm nuts but i'm telling you the stock market is a great signal. the republicans won on the sequester. obama's poll are down so now he's having to come to the negotiation table. i like this story. i want to be optimistic about this story. >> um, i want to be optimistic too. but i want to be realist jig. all,000 are the financial maven and i would normally defer to you, that's the only thing i'm pessimistic about. i think the economy -- i would not count on the stock market continuing to go up. i know nothing about it. i just don't think that what's happening in the company justifies it. people don't have any other place to put their money. i do think people will get fed up with obama. one thing i'
taxes and pay cuts, instead what they did was they taxed bank deposits. they're calling it a tax. a lot of folks are calling it a seizure. here's what's significant. even small depositors below the insurance threshold are going to get hit. the original number for small depositors below 100,000 euros was 6.5%. they're working in parliament right now about shifting that and any other subsequent plan suggests that if you have insured money it will still get hit. what did we see over the week whend this announcement happened on yesterday? runs on the atms at the banks in cypress because they'd shut down the banks as a result of this. they stopped all wire transfers and you also if you tried to take money out they had partitioned out the amount of money that you were supposed to be giveing to the government each though there hasn't been a vote in parliament. why did cypress need a bailout? its banks are bust. the reason the banks in sicypru they bet the greek debt would not be restructured but it was. that's left a lot of them insolvent. the banks in cyprus are huge, eight times the size of
the budget. that would eliminate the deficit. on the senate side, we have accommodation of raising taxes by getting rid of unspecified tax loopholes and also cutting spending in areas like on subsidies and making changes to programs like medicare and medicaid. the democrats are pushing forward their plan. but right now there is no bipartisan plan to merge. in this slow and thoughtful thing, we will have to wait and see. >> i know you don't like the editorials from the publication "the wall street journal." this title is a key to the senate democrats play a role in the budget negotiations. beginning with these words, ring the church bells and set up the white smoke. senate democrats have released their first budget in four years. give patty murray credit for finally proposing something in public view. but after reading the document, we can say we can see why the democrats were so reluctant for so long. then the editorial spells out some specifics. >> they did not put forward a budget for warriors. we went through a crazy for years with the economy. we went to the financial crisis and the
of dollars of emergency crash and creditors impose onetime tax of 3% on all bank deposits under $130,000. >> going deep here. >> the tax could be closer to 10% on people who have over $640,000 in the bank. that's according to the "the wall street journal" this morning. people stood in long lines over the weekend to withdraw money before the policy went into effect and now russian president vladimir putin is calling the move, quote, unfair, unprofessional and dangerous. russian citizens make up the majority of billions of euros held in cypress bank. this is important. >> cypress. >> who cares about cyprus? >> come on, cyprus. are you telling me if somebody sneezes in cyprus we get a cold than on the nasdaq? >> tell us why. >> we have a cold on the nasdaq. the nasdaq is going down today. not too many people care about cyprus but a way the europeans have screwed up the bailout by getting the people to pay a part of the cost. you could have a run on the bank and europeans say why do i have my money in this bank? might be a tax on me next. it shows that europe is still a mess, that they h
? if you are tired of washington's high taxes and big spending here is one way to stick it to the man >> tom: okay, you go first. i'll be right behind you. i have seen a lot of tax protestors and they do put them in prison when they don't pay their taxes. yes, people go to jail. i'll let you fight the battle first. thanks to everybody that contacted the show. keep your comments coming in. tom sullivan show, we're open for business 24/7. check out our facebook page, and then tom sullivan show. there is a lot of tom sullivan show, you can follow me on twitter at sullivan radio and all the things to contact us on the web my main webpage which is tomsullivan.com. thanks for joining us. make sure to tune in to the radio show. listen in through our fox news radio app. download it from itunes. you can hear us online by clicking live button on my main website. we or radio every day from 3:00 to 6:00 p.m. eastern time. we'll have another great show for you to fox business, but in the meantime, i hope to hear you on the radio. lou: good evening, everybody. thank you for joining us. the dow jone
to defend including some of the tax increases that have gone into it effect in recent years and explain how he would also get rid of the president's health care reform act. he said we consider the tax increases to be federal law and that our question, it isn't the affordable care act federal law? he said, n,o this is something we want to continue fighting. democrats say that we've been through a supreme court challenge to an annual voted on this 30 times, why are we continuing to battle over something that democrats have no intention of appealing? host: the president is scheduled to release his budget a week of april 8. he is set to meet with house republicans today. give us the nature of these meetings. guest: the meeting today is the second of four meetings. it's part of his charm offensive stories trying to win over congressional support for a grand bargain. this has been an effort that was spurred by failing in the sequester a couple weeks ago. he has almost the opposite challenge of what he did yesterday when he met with senate democrats. they were pressing him on his willingness to ac
? if you are tired of washington's high taxes and big spending here is one w to stick it to the man >> tom: okay, you go first. i'll be right behind you. i have seen a lot of tax protestors and they do put them in prison when they don't pay their taxes. yes, people go to jail. i'll let you fight the battle first. thanks to everybody that contacted the show. keep your comments coming in. tom sullivan show, we're open for business 24/7. check out our facebook page, and then tom sullivan show. there is a lot of tom sullivan show, you can follow me on twitter at sullivan radio and all the things to contact us on the web my main webpage which is tomsullivan.com. thanks for joining us. make sure to tune in to the radio show. listen in through our fox news radio app. download it from itunes. you can hear us online by clicking live button on my main website. we or radio every day from 3:00 to 6:00 p.m. eastern time. we'll have another great show weekends. "the willis" report is coming up next. gerri: hello, i'm gerri willis live from the at atlantic city. tonight, new obamacare fees catching emplo
because of that deposit tax component. now, the president is currently meeting with the leaders of the political parties. of course, what he's trying to do is to strong arm and to persuade them into voting for that deal because the other alternative, yes, that is bankruptcy for this country, which has only 1 million people and only makes up 0.2% of the entire eurozone. the debate and the vote on that bailout deal will be kicking off in around four hours from now at 4:00 p.m. local time. thou, a lot of uncertainty as to what the outcome of the vote will be, given that nobody has a clear majority. having said that, there is, of course, the chance that some of the lawmakers who have been wavering could have been appeased by the talk that some of the taxes for the smallest depositors could be lowered. now, "the wall street journal" has reported that those deposits between zero is and 100,000 euros could be taxed at only 3% as opposed to 6.75% previously. now, the middle bracket would be 100,000 to 500,000 euros. that could be taxed at 10% and then anything in excess of half a millio
to try to evade this 24% capital gains tax on second houses. >> a great point and one that reminds you of bubbly periods from other markets around the world like the u.s. maybe within the last couple of years and demand is usually a sign that the market is off kilter. thanks very much this morning. >>> and market reaction to that was broadly a sell-off across asia and now turning to russia, president vladimir putin has chosen a woman to be head of the national bank. she served as economy minister from 2008 to 2009 and the first female central banker for a g-8 country. she'll take over from an inflation fighter. it should happen in june. the appointment raised questions about the central bank's independence and concerns kremlin will push for looser policy. we want to know what you think of the measure. is it a significant one for females, for the g-8 or for russia's monetary policy. send us your thoughts here. if you are just joining us, these are your headlines. italy prepares to test bond markets with its first long-term auction since a rating downgrade from fitch. spanish retail gian
taxes. you have probably heard the sequester cuts go after about $44 billion in this fiscal year. let me give you a sense of this. taxes on tobacco and alcohol and gaming, gambling, lotteries, generated together $75 billion compared tough sequester, that taxes are doing a very powerful job. that is, federal, state and and local revenue. two states, two states have legalized the recreational use of marijuana. they are colorado and washington . colorado collects more than $5 million in sales, $5 million in sales from dispensaries, pot dispensaries, marijuana. washington is reportedly collecting some $750,000 in taxes, although they have been having trouble getting dispensaries registered with the state. it is affecting their revenue. pot smokers procrastinating. hard to imagine. well, regarding that $13 billion pornography industry, 13 billion. california is earning about $36 million per year just in revenue from the porn industry. it's worth about a billion dollars overall to the economy, just in southern california. well we are on the subject of sex in addition to the so-called vice taxe
industry takes a hit with higher taxes and more americans quitting is investing too much to risk? we have robert gray off. >> good afternoon. fewer americans are smoking all the 19 percent are smokers and the price of cigarettes have more than doubled. see may not expect to see that over the past decade decade, the big tobacco producers philip morris -- will morris here in the u.s. and others outdistance the s&p 500 when they reinvest the dividends and one statistic to jump out come over the past five decades is a paltry a group take a look returning almost 20% per year. 840,255% thank you to s&p four crunching the data. there are a lot of risks involved their steady dividend payers but bell have fairly large debt loads we know about litigation risk and regulation and we will talk about that the next hour with a face is in california. back to you. melissa: what is business without wings? we have the efforts of expanding the hooters brand spirits this is what a down day looks like. back at the new york stock exchange down 40 points. lori: carnival faces another problem with one of the ship
, no one read it before it was passed, and there's quite literally a trillion dollars worth of taxes in the affordable care act. it's underappreciated, there's a tax increase on the economy to turn into big job growth impacts and turn into big cost of insurance impacts, and that's what the fee is for, it's there to get the startup of the new exchanges going and to ensure the high cost paicialghts are covered into the insurance products. gerri: what's interesting because there's a lot of people asking for exclusions already, and am i surprised that thedownon representing auto workers doesn't want to pay this. boeing, as i mentioned before, they are asking for exclusions. suspect this is case where virtually anybody with more than say a thousand employees is going to be knocking on the white house doors asking for personal consideration? >> we, of course, you would. this is a cost of doing business, going to be substantial, and unanticipated cost. we saw this with all the regulations that have been put in place to make obamacare go. one by one, they show up and ask for exclusions becau
are losing due to this tax. >> hank smith, it is pretty extraordinary depositors have to pay for a bailout they didn't necessarily authorize. what do you think about what peter said? is this a recipe that would be used elsewhere in the world? >> i highly down it, maria. look, i think we should take great confidence in our banking system now compared to where we were four or five years ago. our banks are very healthy. t.a.r.p. was a good thing. it protected the financial system and the confidence in the financial system. and our banks are in great shape -- >> they're in the worst shape they've ever been. >> oh, no. >> they're a few interest rate hikes away from insolvency. that's why the fed is keeping rates at zero. >> wait a second. peter, you're saying the banks are a couple interest point ace way from insolvency? >> why to you think when the fed did the stress tests they didn't ask the banks to stress test a collapse in the bond market? they only looked at the stock market or maybe real estate. when interest rates rise substantially, the major banks are going to fail. their balance shee
, was reportedly looking at real estate opportunities on the island. a new law would eliminate taxes on gains from the $9.5 billion he has invested in his own hedge funds. his fund released a statement last friday that indicates he has no plans to permanently relocate. survey says... mark zuckerberg is a top ceo. zuckerberg topped glassdoor.com's list of top ceos of 2013. ceos from sap, mckinsey & company, ernst & young and northwestern mutual rounded out the top five. meanwhile, tim cook slipped from the top spot last year to 18th. employees of the companies vote on their ceo, which means facebook employees really "like" their boss. ceo salaries are under scrutiny as recent filings reveal the earnings of the top brass. according to reports, john stumpf of wells fargo is the highest paid head of a major bank. on the heels of rising profits, his compensation package last year was nearly $23 million. in the automotive sector, ford ceo alan mulally took a pay cut but still made more than his peers at gm and chrysler with $21 million. and in a 25-year-long tradition, warren buffett still makes $100,00
of this rescue are much different than the other ones. their bank deposits will be taxed. if you have over 100,000 euros in the bank 9.9 percent levy. less than, 6 and three quarters percent. many nervous people tapped out the atm. a lot of russians have money in cyprus. it is up for a parliamentary vote this afternoon. it can be changed and amended to penalize the smaller for less. the good news is markets in cyprus are closed today for holiday. futures are reacting very negative. >> that's scary the government. nabbing your money like that. people at the office notice younger people can be i am mature. >> appearance punkality and honesty all matter in the workplace. a survey of 400 human resources say a third of the highers aren't professional. 40 percent say they lack work ethic. 52 percent new hires have this heir of entitlement. might be they are more confident. they might have been coddleed by their parents. in this tight job market there's a lot of ways you can turn your passion into your job. many of the candidates might be saying i am too good for this job. >> they need the job to mak
and the latest deposit tax scheme. happy anniversary, apple dividend and it was a year ago when the tech giant announced its dividend in 17 years. will apple succumb to the bigger payout as it faces stiffer competition from samsung. lululemon doing the downward facing dog with the transparency with the iconic black yoga pants prompting the retailer to cut sales guidance and boeing clinches an order from ryanair. of course, we begin with the markets. the dow and the s&p 500 hoping to avoid their first three-day losing streak of the year. wall street will be paying close attention in about three hours from now. that country's parliament scheduled to vote on a proposed tax on bank deposits and the controversial measure appears set to go down in defeat. here in the u.s., policymakers begin a two-day meeting in which they're expected to hold current policy. this is one of the meetings where we will get a press conference and people will be hanging on every word and every use of every adjective coming out of the fed chairman's mouth. are you expecting anything? >> i think that, frankly, we are looki
thompson. >> isn't it the case the couple who separate could still at the nursing home without begging tax rule of wine? given this glaring loophole discouraging marriage, shouldn't his -- [inaudible]? spent first of all let me just say once again, it is only the labour party that could call welfare reform a tax. a tax is when you are money and the government takes away some of your money. what this is is a basic issue of fairness. there is not a spare room subsidy for people in private rented accommodation in receipt of housing benefit. so we should ask why is there a subsidy for people living in council houses getting housing benefit. it is a basic issue of fairness and this government is putting it right. >> thank you, mr. speaker. [inaudible]. tomorrow, open their brand-new state-of-the-art bussing plant. does my right honorable friend agree with me that a significant investments show that this government is making britain well-equipped to win the global race? >> and i think honorable friend is right. we do see investment taking place by large multinational companies like natalie recom
as they did in the emerging markets, the future tax liability, whatever. they buried in the litigation. melissa: and it is not compelling to you and all that the customers are addicted to their product. >> that is the only compelling thing about them. customers are addicted to starbucks and it does not have the reliability going forward. there are better addiction's out there. melissa: before you keep going, response to that this is the debate we're having all day. >> it's funny. i like him a lot. but the only thing that is holding it up. addiction is addiction. you guys know. walk outside and people are still smoking rather heavily. philip morris is making a lot of money of the cigarettes. the price is high because of taxes, but that is still a big profit center. melissa: okay. so you don't like that. what do you like? >> i do think there has been a problem in the economy where the lower end of the economy has not been able to travel in a gamble. and overbuilding. mgm, las vegas has not come back folia from the recession. more of a direct play on that verses the other stocks that don'
fashion bank run. cbs news reporter on the tax plan that emptied out the atm's. >> there is growing anger. hundreds gathered in the streets to protest their bank accounts. they were trying to pull their money out. and that the banks will shut down at least until thursday as they are waiting for the banks to reopen. >> it is our time to draw all that money. we can't trust them anymore. yeah, it's sick. >> reporter: the secret administrators met on monday to discuss a plan. the government wants to take money from their citizens to help with the troubled financial system in the country. lawmakers are expected tvote on the package on tuesday. the proposal to take money directly from peoples accounts have never been done before. markets around the world fell up here in london, but opened up with a triple drop. >> it sort of goes with the primal fear of people that will protect their nest egg for the future. and that it will disappear. >> reporter: it is leading to their demonstrations across the country as they popped the bulldozer outside the bank in protest. and the level of anger is only ex
a shot at lindsay lohan. saying people comparing him to the troubled actress should look at her 2012 tax statements. justin deleted that section of the post and said it was wrong of him to say. how noble. >>> julianne hough had reportedly $100,000 worth of jewelry stolen from her mercedes. the jewelry, given to her by long-time boyfriend ryan seacrest, included a $50,000 watch. >>> ""jeopardy!" had a little fun, at this clue. alex trebek is getting on it. 2009's best vocal went for her where, shocker, she goes off on an ex-boyfriend. a lot of people are picking on her. >> i know. >> everybody loves alex trebek. >>> and speak of kicking people when they're down, bieber going after lindsay lohan? what's up with that? >>> this is "first look" on msnbs. "way too early" starts right now. >>> i think we've had good conversations. but ultimately, it's a matter of the house and the senate, both caucuses, getting together and everybody being willing to compromise. we'll see if we can do that. >> president obama shows a little optimism on capitol hill after meeting with both parties. light at the
donnell, who is raising taxes to pay for a transportation plan in his state. all of which leaves conservatives facing a key question: how to unify behind a central message that moves the republican party forward? veteran republican pollster whit ayres says it will take more than tinkering. >> it is delusional to think that we had the right message and we just haven't communicated it effectively. you don't lose five of the last six presidential elections in the popular vote if you have got the right message. so we need new message, new messengers and a new tone. >> reporter: francesca chambers is editor of the conservative blog "red alert politics." she says the effort must involve more outreach to young people and minorities, but she acknowledges that will take time. >> that is not necessarily going to happen in three months time. i think that it's unfair to say, "oh, the election was in november and we don't see big changes, sweeping changes happening yet." i think that everyone needs some time to make these things happen and we have got four years to make that happen. >> reporter: in the mea
? that would be two different types of gamblers. higher taxes and gas prices could spell trouble for cities that do rely on casino resorts. coming up tonight at 8:00 on "cavuto" talk about challenges e facing. david. david: good stuff. ♪ . i'm a conservative investor. but that doesn't mean i don't want to make money. i love making money. i try to be smart with my investments. i also try to keep my costs down. what's your plan? ishares. low costnd tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackro. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. david: time for a speed read, some of the day's other headlines, five stories, one minute. pentagon spends one billion dollars a year in a program that sends up employment to troops that left the military voluntary little. the program has risen more than $600 million over the last ten years. >>> toyota is recalling 310,000 fj-cruiser
the payroll tax hike, higher gas prices are a reason for concern. >> not only are we paying everything extra, we're paying the tolls, everything is going up but people's salaries. >> i spent a lot of money on gas because of the amount i commute. you just got the pay it. >> reporter: in fact, 72% of americans say the fluctuations in gas prices have impacted their spending, and roughly 23% said they delayed a mayor purchase because of higher gas prices. >> 70% of the economy is based on consumer spending. so you have a trifecta. consumers are concerned about the national economy. they just took a hit in their paychecks as a result of the yroll tax hike, and then on top of that the higheras prices are going to force them to make some decisions that they wouldn't otherwise have to make. so it's very concerning. >> reporter: pain at the pump is something that all americans can identify with. but many consumers say that they work their budgets around higher gas prices because commuting expenses are nonnegotiable. but how do the higher prices impact the rest of their spending remains to be seen. fo
with my investments. i also try to keep my costs down. what's your plan? ishares. low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. no they don't. hey son. have fun tonight. ♪ ♪ back against the wall ♪ ain't nothin to me ♪ ain't nothin to me [ crowd murmurs ] hey! ♪ [ howls ] ♪ let's say you pay your guy around 2% to manage your money. that's not much you think. except it's 2% every year. does that make a difference? search "cost of financial advisors" ouch. over time it really adds up. then go to e-trade and find out how much our advice costs. spoiler alert: it's low. really? yes, really. e-trade offers investment advice and guidance from dedicated, professional financial consultants. it's guidance on your terms, not ours. that's how our system works. e-trade. less for us. more for you. a ta
, absolutely, bill. it's all about the dog that didn't bark. we had a huge tax increase on january 1st of this year. here we are, more than two months into the year, and we have yet to see any sign that that tax increase has had a material impact on the consumer. retail sales coming in for february, stronger than expected. today's jobless claims number suggesting that hiring is actually doing better than people expected. so you're seeing two things. number one, people growing more confident in their numbers for 2013, and a couple of people actually raising their numbers. barclays, for example, now looking at 2.5% growth in the first quarter, up from 1.9%. so you have a little bit of positive activity. >> we're going to hear from jeff spreker in a moment. he said his exchanging the new york stock exchange is basically making a bet that q3 is going to end. because he's expecting a lot of action around interest rate-related products. when would you expect qe3 to wind down? >> right now, most people are expecting it to wind down around the end of the year. and i think that's a pretty good
're obviously dangerous and they cause cancer and tobacco a huge business with the taxes generated and the tobacco companies but there is not a comparison there? >> we know marijuana contains more cancer causing compound that cigarette. it is proven over and over. if they say it medical marijuana if you have cancer the oncologist says stop smoking there is a comparison. tobacco does not your ability for distance, make decisions, short-term memory for learning. in a complex society union workers that are astute and can learn. connell: i'm glad we started off with you know we will talk the politics and economics but carlton turner with health concerns to start us off. thank you. dagen: . dagen: moving to new jpmorgan now capitol hill again as the senate panel holds a hearing revolved around a trader. >> $6 billion in losses -- losses last year but they said they believe the rest of the portfolio was absorbed to other portions of the bank and a lost more money than that. charging jpmorgan chase with manipulating models this is a bipartisan bashing session >> a few traders in their box
on tax increases and spending cuts. meanwhile, europe is also facing budget friction. this week, members of the european parliament voted against a seven-year budget submitted last month by eu governments. the parliament is asking for more spending on economic growth and more flexibility to move money within the budget. now european government officials and parliament must head back to the drawing board. officials want to finalize the budget by summer. jp morgan chase ceo jamie dimon is not expected to testify on capitol hill this week about the so-called "london whale" trade. instead, the former chief investment officer, ina drew is scheduled to talk, along with other executives. drew was in charge of the uk-based trader known as the london whale for his massive trading positions. the trades caused the bank to lose at least $6 billion last year. a senate subcommittee led by michigan democrat carl levin is investigating the bad trades. the founder of fisker automotive is speeding away from the company. henrik fisker plans to leave the auto-maker due to "major disagreements" with company
their tax dollars are insuring their deposits. they are going to ask how could we possibly balloon up to $6 billion loss and basically not only ignoring the facts but sort of endorsing the behavior for and it seemed that the traders seemed to have more responsibility and authority than the higher a executives. i have to go to a town hall meeting in arizona. you tell me what i am supposed to tell my constituents and with their tax dollars some of these deposits were insured, this kind of gambling went on when there are extreme difficulties in getting their home loan mortgages consummated and obtained but tell me, mr. bacon, what should i say? >> i think first of all, we should be clear that this whole thing is regrettable and unacceptable and we believe isolated but the onus of proof is on us to demonstrate how this can't happen in other places, how we whether the financial crisis well everywhere else and how we can make the entire firm a safer place to the satisfaction of you and everybody else and our regulators. this failed because of multiple things that should -- did not catch it. the t
costs down. what's your plan? ishares. low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. squa championship game rapped up. winning the acc for the first time this school history, but still wasn't enough to earn them a one seed in the big dance. miami is a two seed in the east region. louisville number one overall. the other one seeds are kansas, indiana and gonzaga. last year's number one overall seed, kentucky, they failed to make the tournament this year. st. louis wrapped up the atlantic 10 title yesterday taking care of bcu. after the game they tried to get right to the airport so they could watch the selection show, but they got stuck in traffic in new jersey, so the entire team stopped off at a local best buy and set up their own watch party. shoppers joined them as they learned they would be the four
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